'Perfect storm for Mukesh Ambani, loses net worth by 28%'

GK News Network

Srinagar, April 7, 2020, 1:18 AMApril 7, 2020, 1:18 AM

UPDATED: April 7, 2020, 1:18 AM

File Photo of Mukesh Ambani

The net worth of India’s richest man Mukesh Ambani dropped 28 per cent or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, reports news agency Press Trust of India (PTI).

The chairman and managing director of the diversified
Reliance Industries saw his wealth decline by USD 19 billion in February-March
period, taking his global ranking down eight places to 17th, the Hurun Global
Rich List said.

Other Indian businessmen who have seen a major drop in
wealth include Gautam Adani whose wealth eroded by USD 6 billion or 37 per
cent, HCL Technologies’ Shiv Nadar (USD 5 billion or 26 per cent) and banker
Uday Kotak (USD 4 billion or 28 per cent), it said.

All the three have dropped off the top 100 list, leaving
Ambani as the only Indian in the league.

The Indian market has corrected by 25 per cent in the last
two months as the economic costs and impact of the COVID-19 pandemic on
companies led to a sell off across the world.

“India’s top entrepreneurs have been hit by a 26 per cent
drop in the stock markets and a 5.2 per cent drop in the value of the rupee
compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm,
with his wealth down 28 per cent,” Hurun Report India Managing Director
Anas Rahman said.

This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's FinePrivacy policy